On May 28, 2014, a Federal District Court Jury in Florida awarded FBAR penalties amounting to $2,241,809 to the U.S. government for a man’s failure to disclose an offshore account that had a high balance of $1,691,054 during the years that the account was not in compliance with information reporting requirements. This FBAR penalty is equivalent to 150% of the highest account value in the undeclared foreign bank account.

American Taxpayers with undisclosed foreign accounts may soon have their account information given  to the United States Government, because Credit Suisse has agreed to pay over 2.6 billion dollars in fines to the U.S. Government, and has also pleaded guilty to various illegal financial activity.  Because of this landmark case, other foreign banks may now enter into plea agreements with the U.S. Government.

If Credit Suisse reaches a deal with the Justice Department, the disclosure of U.S. Taxpayers undisclosed offshore account information would be part of the negotiations. This would also put into place the DOJ procedures of the investigations of banks in the future.